Annexure v of form i and form k

Others 1165 views 3 replies

kumar

business

44 Points Joined February 2012

Sir,

We are doing wholesale business of kitchenware in Chennai. We usually submit Form I, but now because of Annexure V confusion, we approached Sales tax department, they are asking us to file Form K as our annual turnover is less than 50 lakhs. Even though the input tax credit will be lapsed the Form K is simple and convenient for us.

But the problem is we are planning to buy product from other state in coming months. As for as I know, interstate purchase is not allowable in Form K. Need experts advise on this.

The Sales tax department have given some clarification about Annexure V.

But the given clarification is sufficient for filling column no: 3, 4, 5, 6. What about the column no 2 and 7?

Does the value in column no 2 and 7 remain same for every group of commodities.

Input tax credit can not be derived for every group of commodity separately.

And in column no 5, purchase value of the commodities to be entered, this is also confusing, because usually stock value means selling value (purchase value + profit).

Please clarify my doubts. Thanks in advance.

Attached File : 744487 1263450 vatcirculars.pdf downloaded: 186 times

Replies (3)

MJ Krishnamurthy

ACCT(Retd)

7197 Points Joined July 2010

Mr Kumar,

In fact some TN VAT experts should answer your query.However,I am giving a reply from Karnataka. The return in form K is applicable for those,with turnover less than Rs50 laks and who have opted to pay under composition of tax.In this form tax collected by the same dealer(u/s 12) while buying goods from unregistered dealers also are to be shown. Such collections are to be shown in col 5.If you have not opted for payment of vat under sub sec 4 of sec3,you have to use form I only.Furhter,for interstate trading ( buying or selling) dealers the above option is not applicable and sec3(1) and (2) are relevant.I think this clarifies your doubt......mjk

kumar

business

44 Points Joined February 2012

Sir,

Thanks for your reply. From your reply I could understand that, if we wish to do interstate purchase then we should not opt form K.

Any guidelines in filling Annerure V of form I.

vijayakumar

proprietor

172 Points Joined November 2014

sir, I am from chennai - under form k. we are allowed to BUY OUT SIDE STATE GOODS, YOU CAN GET C FORM ALSO -ON LINE, ONLY YOU CANNOT SELL OUT SIDE STATE.

The reason is simple GOVT gets 0.5 % tax revenue.

but when you got the TIN number you should have registered& you would have been alloted

a CST number

Vijayakumar